Crisis-hit IL&FS Monday said it has entered into an agreement with secured lenders of three group entities, that have a debt burden of Rs 5,071 crore, as part of resolution process.
Binding term sheet has been signed with secured lenders of three entities — Moradabad Bareilly Expressway Ltd, Jharkhand Road Projects and West Gujarat Expressway Ltd.
This move is in line with the current management’s efforts to monetise assets and would also help in repaying debt to mutual funds.
“Total debt across these three entities is approximately Rs 5,071 crore — Rs 3,242 crore from secured lenders and Rs 1,829 crore from unsecured lenders,” a release said.
